Lagatar24 Desk
New Delhi, Sept 8: Finance Minister Nirmala Sitharaman said on Thursday that importing Russian oil was part of the country’s inflation management strategy and that other countries were also following same path.
“And that’s where I give credit to the statesmanship of Prime Minister Narendra Modi to make sure globally that we did keep up the relationship with all countries but yet managed to get the Russian fuel which is what Japan is doing today, which is what some other countries are doing,” she said at an event in New Delhi.
“I respect the PM for his courage to get it (crude oil) from Russia because they are willing to give on discount… our entire import had 2% of Russian component, it was ramped up to 12-13% within a couple of months,” she further said.
Sanctions, sanctions but countries are finding their own way to get that Russian crude, gas… I give credit to the statesmanship of the PM to make sure that we keep our relationship with all countries & yet manage to, till today, get the Russian fuel…: FM Nirmala Sitharaman pic.twitter.com/z4CVid4yod
— ANI (@ANI) September 8, 2022
She also said that in order to control inflation, the Reserve Bank will need to be more in tune with fiscal policy and other elements. Inflation management cannot be singularly left to the monetary policy, which has proved totally ineffective in many countries, she further said.
